Healthcare RFID Market Overview

Radiofrequency identification (RFID) is used for patient monitoring, efficiencies in patient care, tracking, and provider satisfaction. RFID is a wireless system that exploits radio waves for collecting data from a tag attached to an object, for several purposes such as automatic identification, and tracking of objects.

The rising concerns about inventory management, awareness about patient safety, and increasing acceptance of automation in the healthcare sector are the major factors driving the growth of the global healthcare RFID market outlook. Additionally, aggressive strategies adopted by the top players and the introduction of new products in the market are fuelling the growth of the market during the forecast period. For instance, Alien Technology Corporation, a leader in RFID technology introduced RFID Reader with the ALR-F800-X, the product is known for its use in maintaining the workflow and efficiently handling the data. Also, the company is trying to expand its geographical boundaries by signing distribution agreements.

The high costs associated with the RFID products and lack of awareness about the RFID in developing countries are likely to hinder market growth during the forecast period. The RFID reader device is Radio Frequency Identification (RFID) refers to a wireless system comprised of two components like tags and readers.

Healthcare RFID Market Competitive Landscape:

Some of the key players in the global healthcare RFID market are Alien Technology Corporation, Applied Wireless Identifications Group, Inc., CAEN RFID S.r.l., Gao RFID, Inc., Honeywell International Inc., Impinj Inc., Invengo Information Technology Ltd. Co., Mobile Aspects, Inc., Motorola Solutions, Inc., Radianse, RF Technologies, Stanley Healthcare, and STiD RFID

Segmentation Analysis

The global healthcare RFID market is segmented by component, application, and end-use.

By component, it is segmented into tags, readers, middleware, printers, and others. Readers are sub-segmented into active and passive readers, while the tags segment has been similarly sub-segmented into active and passive tags. The tags segment can dominate during the forecast period due to its application in pharmaceutical tracking, asset tracking, and patient tracking.

By application, it is segmented into medicine tracking, equipment tracking, people identification and tracking, medical report and blood samples tracking, and others.

By end-use, it is segmented into research institutes, pharmaceutical and biotechnology companies, hospitals, and others. Research institutes, on the other hand, can register an impressive CAGR during the forecast timespan due to considerable investment by players to better track the movements of their assets.

Healthcare RFID Market Regional Analysis

Asia Pacific (APAC), the Americas, the Middle East & Africa (MEA), and Europe are regions taken into consideration in the compilation of the global healthcare RFID market report.

The Americas is slated to dominate the global market due to the sophisticated healthcare infrastructure, cases of counterfeit drugs, and rising number of cancer patients. The region is marked by rising interest of non-profit organizations in research and development and alliances between market players.

The European region is the largest after the Americas due to ample government funding for the healthcare sector, awareness of innovative technologies, and infrastructural changes. The APAC region can showcase rapid growth due to rising prevalence of chronic diseases, awareness of novel technologies, implementation of healthcare IT, and expansion plans by local players.

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